Mukesh Ambani

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Mukesh Ambani
Mukesh Ambani.jpg
Born (1957-04-19) 19 April 1957 (age 57)
Aden, Yemen[1][2]
Residence Mumbai, Maharashtra, India
Nationality Indian
Ethnicity Gujarati[3]
Alma mater University of Mumbai
Stanford University (dropout)
Occupation Chairman & MD, Reliance Industries
Net worth Increase US$ 22.1 billion (2014)[4]
Spouse(s) Nita Ambani
Children Akash Ambani
Anant Ambani
Isha Ambani[5]
Parents Dhirubhai Ambani
Kokilaben Ambani
Relatives Anil Ambani (Brother)
Website
Mukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian business magnate who is the Chairman, Managing Director and largest shareholder of Reliance Industries Limited (RIL), a Fortune Global 500 company and India's second most valuable company by market value.[6][7][8] He holds a 44.7% stake in the company.[9] He is the elder son of the late Dhirubhai Ambani and the brother of Anil Ambani. RIL deals mainly in refining, petrochemicals, and in the oil and gas sectors. Reliance Retail Ltd., another subsidiary, is the largest retailer in India.[10]

In 2013, he ranked 37 on Forbes list of the world's most powerful people[11] and in 2010, he was included in Forbes's list of "68 people who matter most".[12] As of 2013, he is India's richest man and second richest man in Asia.[13] Ambani is listed as the 19th richest person in the world with a personal wealth of $23.6 billion.[14] He has retained his position as India's richest person for the sixth year in a row.[15] Through Reliance, he also owns the Indian Premier League franchise Mumbai Indians. In 2012, Forbes named him one of the richest sports owners in the world.[16][17]

He has served on the board of directors of Bank of America Corporation and the international advisory board of the Council on Foreign Relations. He was the Chairman of the Board of Indian Institute of Management Bangalore, one of the leading business schools in India.

Early life[edit]

Mukesh Ambani was born on 19 April 1957 to Dhirubhai Ambani and Kokilaben Ambani. He has a younger brother, Anil Ambani, and two sisters, Dipti Salgaoncar and Nina Kothari. The Ambani family lived in a modest two bedroom apartment in Bhuleshwar, Mumbai until the 1970s.[18] Dhirubhai later purchased a 14-floor apartment block called 'Sea Wind' in Colaba, where, until recently, Mukesh and Anil lived with their families on different floors.[19]

He attended the Hill Grange High School at Peddar Road, Mumbai, along with his brother and where Anand Jain, his close associate, was his classmate.[20] He received his BE degree in Chemical Engineering from the Institute Of Chemical Technology, Matunga.[21] Mukesh later enrolled for an MBA at Stanford University but dropped out to help his father build Reliance, which at the time was still a small but quickly growing enterprise.[22]

Business career[edit]

In 1980, the Indian government under Indira Gandhi opened PFY (polyester filament yarn) manufacturing to the private sector. Dhirubhai Ambani applied for a license to set up a PFY manufacturing plant. In spite of stiff competition from Tatas, Birlas and 43 others, Dhirubhai was awarded the licence.[23] To help him build the PFY plant, Dhirubhai pulled his eldest son Mukesh out of Stanford where he was studying for his MBA. Mukesh Ambani, then dropped out to help his father and initiated Reliance`s backward integration from textiles into polyester fibres and further into petrochemicals, beginning in 1981.[24]

Mukesh Ambani joined Reliance Industries in 1981.[25] He initiated Reliance's backward integration journey from textiles into polyester fibres and further into petrochemicals, petroleum refining and going up-stream into oil and gas exploration and production.[26]

Mukesh Ambani set up Reliance Infocomm Limited (now Reliance Communications Limited), which was focused on information and communications technology initiatives.[27]

Ambani directed and led the creation of the world’s largest grassroots petroleum refinery at Jamnagar, India, which had the capacity to produce 660,000 barrels per day (33 million tonnes per year) in 2010, integrated with petrochemicals, power generation, port and related infrastructure.[28]

In December, 2013 Ambani announced, at the Progressive Punjab Summit in Mohali, the possibility of a "collaborative venture" with Bharti Airtel in setting up digital infrastructure for the 4G network in India.[29]

In February 2014, an FIR has been filed against Mukesh Ambani for alleged irregularities in the pricing of natural gas from K G Basin.[30] Arvind Kejriwal, who had a short stint as Delhi's chief minister and had ordered the FIR against has accused various political parties of being silent on the gas price issue.[31] Kejriwal has asked both Rahul Gandhi and Narendra Modi to clear their stand on the gas pricing issue.[32][33] Kejriwal has alleged that the Centre inflated the price of gas to eight dollars a unit though Mukesh Ambani's company spends only one dollar to produce a unit, which meant a loss of Rs. 54,000 crore to the country annually.[34][35]

On 18 June, Mukesh Ambani addressing the 40th AGM of Reliance Industries said it will invest Rs 1.8 lakh crore across businesses in the next three years and launch the much-awaited 4G broadband services in 2015 as it looks to break-into top 50 companies of the world.[36]

Board memberships[edit]

The perfect Man of the Years

Awards and honors[edit]

Year of Award or Honor Name of Award or Honor Awarding Organization
2000 Ernst & Young Entrepreneur Of The Year[38] Ernst & Young India
2010 Global Vision Award at The Awards Dinner[39] Asia Society
2010 Business Leader of the Year[40] NDTV India
2010 Businessman of the Year[41] Financial Chronicle
2010 School of Engineering and Applied Science Dean's Medal[42] University of Pennsylvania.
2010 Global Leadership Award[43] Business Council for International Understanding[44]

In 2010, he was given an Hon.DSc(Doctor of Science)(Hon.Causa)degree by M.S.University,Baroda.[46]

Personal life[edit]

Antilia, as seen from Altamount Road

Mukesh is married to Nita Ambani and has two sons, Anant and Akash, and a daughter, Isha.[47] They live in a private 27-story building in Mumbai named Antilia valued at US$1 billion and it is said to be the most expensive home in history.[48][49]

During the fiscal year ending 31 March 2012, Mukesh, it was reported, decided to forgo nearly Rs 24 crore from his annual pay as chief of Reliance Industries Ltd (RIL). He elected to do this even as RIL's total remuneration packages to its top management personnel increased during that fiscal year. This move kept his salary capped at Rs 15 crore for the fourth year in a row.[50]

See also[edit]

References[edit]

  1. ^ Nolan, Jeannette. "Mukesh Ambani". Encyclopaedia Britannica. Retrieved 7 October 2013. 
  2. ^ "The Rediff Business Interview/ Mukesh Ambani". Rediff.com. 17 June 1998. Retrieved 22 Aug 2013. 
  3. ^ "Meet the Gujarati who went on to become the richest Indian". Daily Bhaskar. Retrieved 29 Jan 2014. 
  4. ^ "Mukesh Ambani". Forbes. Retrieved 29 Jan 2014. 
  5. ^ "NY Times pics on Mukesh Ambani". The New York Times (India). 15 June 2008. Retrieved 22 Aug 2013. 
  6. ^ "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL.com. Retrieved 22 Aug 2013. 
  7. ^ "FORTUNE Global 500 2011: Countries". CNN. 24 July 2011. Retrieved 22 Aug 2013. 
  8. ^ "Market Capitalization". Indian stock markets:Companies by Market Capitalization. Rediff.com. 
  9. ^ Chu, Patrick; Ismail, Netty (5 March 2012). "Mukesh Ambani Backed by India Power Holdings Proves Asia’s Top Billionaire". Bloomberg. Retrieved 22 Aug 2013. "Year 2012." 
  10. ^ "Ambani tops retailer list, too". Business Standard. Retrieved 19 Aug 2013. 
  11. ^ http://www.forbes.com/profile/mukesh-Ambani/
  12. ^ "Sonia Gandhi, Tata in Forbes' most powerful people list". The Hindu (Chennai, India). 4 November 2010. 
  13. ^ "Forbes topic page on Mukesh Ambani". Forbes. Retrieved 22 Aug 2013. 
  14. ^ "Mukesh Ambani". www.bloomberg.com. Retrieved 29 Jan 2014. 
  15. ^ Mukesh Ambani richest Indian with wealth of $21 billion: Forbes
  16. ^ Van Riper, Tom. "Mukesh Ambani in photos". Forbes. Retrieved 22 Aug 2013. 
  17. ^ "Mumbai Indians owner Mukesh Ambani among richest sport owners". Cricic.com. 20 Jan 2010. Retrieved 22 Aug 2013. 
  18. ^ "Reliance didn't grow on permit raj: Anil Ambani". rediff.com. 11 May 2002. Retrieved 28 October 2010. 
  19. ^ Yardley, Jim (28 October 2010). "Soaring Above India's Poverty, a 27-Story Home". The New York Times. 
  20. ^ Jain's association with the Ambanis dates back to the time when he went to Hill Grange School with Mukesh and Anil http://m.intoday.in/story/anand-jain-a-bone-of-contention-between-the-Ambani-brothers/1/194368.html
  21. ^ "Mukesh Ambani on his childhood, youth". Mukesh Ambani on his childhood, youth – Rediff.com Business. Rediff.com. Retrieved 5 October 2011. 
  22. ^ "'Always invest in businesses of the future and in talent'". Rediff Business – Interview with Mukesh Ambani, 2007. Rediff.com. Retrieved 17 October 2011. 
  23. ^ "Reliance Industries – Company Profile". Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd. Read more: Reliance Industries Ltd. – Company Profile, Information, Business Description, History, Background Information on Reliance Industries Ltd.- Reference for Business. Advameg Inc. Retrieved 17 October 2011. 
  24. ^ "Mukesh Ambani to pen RIL’s polyester-to-petrochem story". Ways2Trade Blog. Blogspot.com. Retrieved 17 October 2011. 
  25. ^ "Mukesh Ambani :: RIL :: Reliance Group of Industries". RIL. Retrieved 29 March 2010. 
  26. ^ "Remarks by Mukesh D. Ambani Chairman and Managing Director, Reliance Industries Ltd., India". Global Business and Global Poverty Conference Stanford Graduate School of Business. Stanford Graduate School of Business. Retrieved 22 Aug 2013. 
  27. ^ "Reliance Infocomm Ushers a Digital Revolution In India". Press Release by Reliance Infocomm. Reliance Communications. Retrieved 22 Aug 2013. 
  28. ^ "Mukesh Ambani :: Reliance Group :: Reliance Petroleum Limited :: Reliance Industries". RIL. Retrieved 18 February 2010. 
  29. ^ "Mukesh Ambani hints at venture between Reliance Industries and Bharti Airtel". Indian Express. 9 December 2013. 
  30. ^ "Arvind Kejriwal rakes up K G Basin gas pricing, orders FIRs against Moily, Deora, Mukesh Ambani". 
  31. ^ "Arvind Kejriwal calls BJP, Congress puppets of Mukesh Ambani". 
  32. ^ "Arvind Kejriwal's letter to Mukesh Ambani on gas pricing". 
  33. ^ "Clear your stand on Mukesh Ambani: Arvind Kejriwal tells Narendra Modi, Rahul Gandhi". 
  34. ^ "Arvind Kejriwal fires on all cylinders, now writes to Rahul Gandhi over gas prices involving Mukesh Ambani". 
  35. ^ "Arvind Kejriwal asks Narendra Modi to come clean on gas pricing". 
  36. ^ "Reliance 4G services to be launched in 2015: Mukesh Ambani". ABP Live. 18 June 2014. 
  37. ^ "Mukesh Ambani – Executive Profile & Biography". Mukesh Ambani – Executive Profile & Biography – Bloomberg Businessweek. Bloomberg. 
  38. ^ "Ernst & Young Entrepreneur Of The Year Award". Retrieved 10 June 2013. 
  39. ^ Mulgund, Shreyas. "Asia Society Awards Dinner Honors Mukesh Ambani, Jeffrey Immelt, and NY Philharmonic". Press Release on Asia Society. Asia Society. Retrieved 21 September 2011. 
  40. ^ Mulgund, Shreyas. "Winners of the NDTV Business Leadership Awards". Winners of the NDTV Business Leadership Awards. NDTV Convergence Limited. Retrieved 21 September 2011. 
  41. ^ Mulgund, Shreyas (30 December'2010). "FC Businessman of the Year: Mukesh Ambani". Financial Chronicle. Retrieved 21-September' 2011.  Check date values in: |date=, |accessdate= (help)
  42. ^ "IMukesh Ambani awarded the Dean's Medal by University of Pennsylvania". Mukesh Ambani awarded the Dean's Medal by University of Pennsylvania. FORBES. Retrieved 9 January 2010. 
  43. ^ "BCIU Presents Dwight D. Eisenhower Global Awards to Mukesh D". Bloomberg. Retrieved 1 August 2012. 
  44. ^ "BCIU Gala". 
  45. ^ Mulgund, Shreyas. "The 100 Best-Performing CEOs in the World". Harvard Business Review. Harvard Business Publishing. Retrieved 21 September 2011. 
  46. ^ "M.S. University Confers Degree Of Doctor Of Science Honoris Causa To Mukesh Ambani". Retrieved 15 October 2010. 
  47. ^ "India's young billionaire heirs and heiresses". Retrieved 7 January 2014. 
  48. ^ Mark Magnier (24 October 2010). "Mumbai billionaire's home boasts 27 floors, ocean and slum views". The Los Angeles Times. 
  49. ^ Kwek, Glenda (15 October 2010). "India's richest man builds first $2-billion home, Antilia,". The Age (Melbourne). Retrieved 28 October 2010. 
  50. ^ "Mukesh Ambani forgoes Rs 23.82 crore from his pay package - The Times of India". The Times Of India. 

External links[edit]